Risk Management Paper

Risk management is defined as the identification, analysis and giving priority to risks which are followed by coordinated resources, all of which are aimed at minimizing, monitoring, controlling and limiting the probability of risks and impacting events. This is so done to maximize the opportunities that lie within the related folds. These risks can arise from the uncertainty that exists within the project failures, credit risk, financial markets, natural causes, disasters and accidents. There are different methods, definitions as well as goals when one discusses the tangents of risk management methodology within the domains of project management, industrial processes, public health and safety, actuarial assessments, security, engineering and financial portfolios.